Big data, small data: you can manage it all by the numbers

 

It may sound like common sense but you would be shocked at the number of businesses I encounter who basically know if their business is doing well at the end of the year when they meet their accountant.

There is a better way:  and it’s called “Data”.

You don’t have to be a large company to collect data.  As a shop owner, I captured traffic, conversion rate and gross sales number every single day. On a monthly basis, I had a big data software run that would give me inventory levels, turn, profitability, GMROI, mark downs and so much more in 12 different categories of inventory.

As a call centre manager, I looked at Average Speed to Answer every 5 minutes. I checked abandonment, average handle time, agents who logged out of the phone system and weren’t on an official break. Weekly, I rolled up these numbers and added cancellations to the report so I could get a sense of service quality.

As a social media marketing manager, I look at vanity metrics plus engagement metrics plus lead generation.

If you measure activity properly, you can identify opportunities for improvement. You can communicate with your team and show them priorities. Numbers, data, reports, they align a team very effectively.

If you need better insight into your team’s operations and you would like to run by some metrics, please feel free to email me anytime.

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Reality check: are you a marketing organization with a product? Or are you a professional product developer?

I received a request from a prospective client: ‘we want to do some market research.’ After a little bit of probing, I found out the organization had:

– been in business for > 5 years
– several rounds of investment
– > 50 people on staff
– several product sku’s, two generations of product
– major distribution partners in retail
– a very large product development team
– no sales or marketing team
– no idea what their sales were

This organization would definitely fit into the “Product Development” category. The biggest tell is they had zero dedicated sales and marketing staff.

My top three recommendations:
1. start weekly reporting on the sales numbers by channel partner to see who is selling through and who needs more channel support
2. hire a retail sales channel specialist to get feedback from the channel and manage the marketing through each retailer
3. get an inventory report to see how much 1st generation product needs to liquidated (raises cash and clears space for the current iteration)

In addition, I had some grassroots tactics for Public Relations and Social Media that I shared with them.

If you are a Product Development organization that needs to grow Sales and Marketing, I am always available for a discussion.

 

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